A highly anticipated annual shareholders meeting for GameStop Corporation GME will take place Monday, June 17 after being postponed from last week.
Here are the key items investors are most eager to learn more about.
What Happened: Technical difficulties delayed the annual shareholders meeting last week, which occurred with renewed interest in the video game retailer thanks to an ownership stake from Keith Gill, aka Roaring Kitty.
GameStop has also raised around $3 billion via two share offerings in recent weeks, which could prompt more interest from investors to tune in and hear what will happen with the proceeds.
Benzinga recently polled its followers on X to see what investors might be most excited about heading into Monday's meeting.
"What are you most looking forward to hearing from $GME at its annual shareholders meeting Monday?" Benzinga asked.
Here were the results:
- Business transformation: 21.3%
- $3B+ funds usage: 29.1%
- Roaring Kitty Role: 36.2%
- Crypto investment: 13.5%
The top vote getter was the potential role of Roaring Kitty, who recently shared an update on his investment and now owns 9,001,000 GME shares. Social media became increasingly excited when they realized that the GameStop annual shareholders meeting falls on the same day as "National Take Your Cat To Work Day."
The usage of $3 billion in funds came in second place, with GameStop previously saying they would use the funds for general corporate purposes, which could include investments and acquisitions.
Roaring Kitty said in a recent livestream that he's invested in GameStop due to a belief in CEO Ryan Cohen and the management team. Twenty-one percent said they're most interested in hearing how Cohen will turnaround the business, which is heavily invested in the physical video game sector that is declining.
The potential of a company investment in cryptocurrency came in last place in the poll.
Related Link: Who Is Roaring Kitty? Why Does His Return To Social Media Matter For GameStop Stock?
Why It's Important: GameStop has given minimal details on its plans to use the cash, and has not hosted a conference call during many consecutive quarterly financial results. Investors will likely tune in Monday to hear more details.
A company announcement last year shared that Cohen is able to invest the company's cash in stocks and other investments. This has led some to speculate that GameStop might acquire a cryptocurrency like Bitcoin BTC/USD for its balance sheet.
To date, no filings have shown investments of this type by the company.
Investors will also likely be tuning in to hear an update on the company's future plans, as the physical video game sector transforms to digital games.
Roaring Kitty's stake in the company and ability to rally investors has led to increased speculation that he could push for more involvement with the company.
Computer Share, which hosted the meeting, told CNBC that a high amount of traffic caused the servers to crash. GameStop said the meeting was adjourned “due to technical difficulties with the third-party hosting site.”
Monday's meeting takes place at 12:30 p.m. ET and could see strong interest once again.
GME Price Action: GameStop shares trade at $28.48 on Monday, versus a 52-week trading range of $9.95 to $64.83.
Image: rafapress/Shutterstock.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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